The 113th Tennessee General Assembly has adjourned. Overall, the business community saw a number of significant wins that will continue to ensure the success of businesses in Tennessee.
The largest budget in state history is set at $56.2 billion dollars. Highlights of the budget are below:
· Cutting over $124M in Franchise, Excise and the local Business Tax paid by businesses
· $3.3 billion in transportation investments
· $1 billion for Tennessee’s TCAT master plan
· $350 million in additional funding in the TISA formula
· Funding to revitalize 175 brownfield sites
· $273 million for 3-month food sales tax
Other business-related bills that passed include:
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Data Privacy — SB73/HB1181, requires businesses with the information of 175,000 or more consumers to comply with consumers requests regarding personal information rights.
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Tennessee Works Tax Act — SB275/HB323 makes various changes to the business tax law, franchise and excise tax law, and sales and use tax law.
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Tangible Personal Property (TPP) Tax — SB384/HB804 authorizes a taxpayer to certify to the assessor of property a depreciated value on their business tangible personal property of up to $2,000 or up to $10,000, in lieu of detailing acquisition costs on the reporting schedule.
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Secret Ballot Election Incentives — SB0650/HB1342 establishes that companies will allow a private or secret ballot vote on union representation, instead of card check ballots, for workers whose employers receive economic development incentives from the state.
